Posted by Social Science Research Network
Antitrust Made (Too) Simple Christopher R. Leslie (University of California)
Abstract: Robert Bork fundamentally changed the field of antitrust law with the publication of his book The Antitrust Paradox in 1978. The book’s primary themes were that antitrust doctrine should be concerned only with economic efficiency (which Bork termed “consumer welfare”) and that antitrust law had come untethered from efficiency. Bork championed per se legality for a variety of conduct, including resale price maintenance, non-price vertical restraints, and tying arrangements. He advocated greater latitude for horizontal mergers and complete immunity for all vertical and conglomerate mergers.
Now several decades old, Robert Bork’s The Antitrust Paradox continues to be among the most influential scholarship in antitrust law. Opinions differ as to the basis for Bork’s influence. Those who agree with Bork’s description of antitrust law and his prescriptions on antitrust policy would no doubt argue that it has been influential because Bork is correct on the merits. Some critics have suggested that the book’s influence stems from its circular reasoning, “which is its strength because circular logic is not rebuttable.” This essay posits an alternative explanation for Bork’s influence: even though Bork was largely wrong in his description and analysis of antitrust doctrine, he is influential because his explanations of complex economic phenomena were so simple.
Featured News
Senate Democrats Urge DOJ Investigation into Alleged Big Oil Collusion
May 30, 2024 by
CPI
ConocoPhillips Acquires Marathon Oil for $22.5 Billion in Major Energy Sector Consolidation
May 29, 2024 by
CPI
Judge Denies Amazon’s Bid to Dismiss FTC Lawsuit Over Prime Membership Practices
May 29, 2024 by
CPI
Germany and France Advocate for Major EU Competition Reform
May 29, 2024 by
CPI
Equifax Accused of Monopolizing Employment Verification Market in New Suit
May 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI